🌎 NFT Market Faces 7.5% Weekly Decline, Ethereum Leads Sales

The non-fungible token (NFT) market experienced another sluggish week, with overall sales dipping by 7.5% over seven days, reaching $121.4 million as of June 1.

Top Blockchains by Sales Volume

Over the last seven days, Ethereum (ETH) maintained its position as the leading blockchain for NFT transactions, with total sales of $37.43 million despite an 11.24% decrease from the previous week. Bitcoin (BTC) followed as the second most active blockchain for NFT sales, bringing in $27.21 million, reflecting a 12.88% drop.

Solana-based NFTs generated just over $19 million, marking a slight 0.52% decline. Interestingly, Polygon (MATIC) stood out with a 27.10% increase in sales over the previous week, totaling approximately $15.6 million. Immutable X (IMX) also showed positive movement, with sales climbing 12.23% to $8.49 million.

Monthly Sales Volume

Over the last 30 days, the top-five blockchains by sales volume remained largely unchanged. Ethereum registered $163.7 million in sales throughout May, which was 55% lower than its April figures. Bitcoin saw a significant 73.44% drop in monthly sales volume, bringing in $158.5 million despite having the best sales numbers in at least two weeks in May.

Solana earned just north of $94 million over 30 days, denoting a 45.8% dip from its April levels. Polygon’s May NFT sales volume were down 34.60%, despite being in the green for the last two weeks. Blast, however, showed a 519.17% increase in sales volume over the past 30 days, ending the month with more than $49 million worth of NFTs traded.

Interestingly, Blast also had the highest increase in monthly wash trading numbers, with over $1.2 million recorded, representing a 931.23% jump from April.

Most Expensive NFTs

In terms of individual pieces, Azuki #3374 from the Ethereum blockchain sold for $393,112, making it the highest-priced NFT of the week. This was followed by a notable sale on the Bitcoin blockchain, where an Ordinal inscription fetched $305,258. Solana also made an appearance with Boogle #061, selling for $206,936.

Over the entire month, CryptoPunks #741 was the most expensive NFT, fetching $792,046 on May 13. Another Bitcoin Ordinal inscription came in second after changing hands for $681,497. CryptoPunks #3619, sold for 215 ETH (approximately $627,990), was the third priciest NFT in May. This was followed by Azuki #3374 and CryptoPunk #4926, which earned its owner $329,252.

NFT Collection Rankings

Among the week’s top NFT collections, Uncategorized Ordinals took the lead with $7,810,518 in sales, despite a 15.31% decrease from the previous week. Guild of Guardians on Immutable X secured the second spot, with sales rising 18.48% to $5.65 million.

Other notable collections included DMarket in third place, Nodemonkes in fourth, and Bored Ape Yacht Club (BAYC) wrapping up the top five.

For the entire month, Bitcoin’s Uncategorized Ordinals collection maintained its number one spot, with more than $48.6 million in sales, although this represented a 70.13% dip in monthly sales volume. The second most traded NFT collection in May was Blast’s Fantasy Top, whose sales volume skyrocketed 674.89% to fetch more than $46 million.

Another NFT collection that saw a monthly sales volume uptick was Guild of Guardians, increasing nearly 67%, pushing it into fifth place.